Question 1

What is Wrapped Handshake (WHNS)?

Accepted Answer

Wrapped Handshake (WHNS) is an ERC-20 token that is backed 1:1 with Handshake (HNS) tokens. It is designed to bring greater liquidity and accessibility to the Handshake ecosystem by leveraging the Ethereum blockchain. This wrapped token facilitates interactions with Ethereum’s decentralised exchanges (DEXs), lending tools, and other DeFi applications, making it easier for users to utilise their HNS holdings in various financial operations.

Question 2

What is Wrapped Handshake (WHNS) used for?

Accepted Answer

WHNS is used to enhance liquidity and composability for Handshake tokens. By converting HNS into WHNS, users can take advantage of Ethereum’s vast DeFi ecosystem, which includes decentralised exchanges, lending platforms, and smart contract functionalities. WHNS can be traded on platforms like Uniswap and potentially be integrated into other DeFi services. It also simplifies the process for exchanges to list Handshake by providing an ERC-20 token rather than a native HNS token.

Question 3

Who created Wrapped Handshake (WHNS)?

Accepted Answer

Wrapped Handshake (WHNS) is facilitated by Namebase, a platform that provides services related to the Handshake blockchain, including domain name registration and HNS trading. Namebase oversees the wrapping and unwrapping process of HNS to WHNS and ensures the 1:1 backing of the tokens. The transparency of the process is maintained through on-chain proof of reserves, ensuring that each WHNS token is backed by an equivalent amount of HNS.